This may not be news to you, but your choice of automobiles affects what you pay for Auto Insurance in Las Vegas NV. Those choosing luxury or performance cars will pay more each month because it costs more to repair or replace such an automobile. On the most expensive vehicles, replacing a broken mirror can cost hundreds of dollars. In this article, we will explain how the type of car you drive affects the rate you pay for car insurance.
How Insurance Rates are Calculated
Insurers consult the ISO (Insurance Services Office) when determining rates. The ISO is an industry group that rates cars and trucks based on MSRP, loss history, theft incidence and liability level. Every vehicle receives a number from 3-27, which signifies the collision/comprehensive coverage cost. The higher a vehicle’s number, the more costly it is to insure.
If you have an economy car, but one that has a high rate of theft, it may have a higher ISO number. Sports cars usually carry a high number because of the greater likelihood of accidents and the higher repair cost. SUVs also have a high liability, because they cause more damage in an accident. Because of these facts, insurers generally raise the premiums on SUVs and performance vehicles.
Research Before Buying
If you want a low insurance rate, you should do your homework before starting your search for a new car. Ask your current insurer for estimates on some of the vehicles you’re considering; the answers you get will give you an idea of how much your coverage will cost. These quotes will also help you avoid spending more than you can afford on the vehicle itself.
Other Factors in rates for auto insurance in Las Vegas NV
Your location, your age and your driving history all play a role in determining what you pay each month for auto insurance – but the determining factor is the kind of vehicle you own. The difference between the cost to insure an economy car and a performance vehicle is substantial. If you’re in the market for a new automobile, consider what you’ll pay to insure it; doing so will help you make a budget friendly and informed decision.
